NeighborWorks Capital is pleased to provide a $2,000,000 predevelopment line of credit to Ithaca Neighborhood Housing Services to support the predevelopment costs for affordable housing projects in Auburn and Ithaca, New York.
This funding will be used for four potential development sites including a 2.1-acre vacant site in Auburn, NY that will be transformed into 50 one- and two-bedroom apartments and another less than one mile east of Cornell University which will provide 53 units of affordable rental housing and approximately 6-7 units of affordable for-sale housing. Overall, this loan will support the creation of over 220 affordable homes for households at 30% – 100% AMI in rural, urban, and suburban neighborhoods.
Ithaca NHS, founded in 1976, is dedicated to expanding housing opportunities for low-and-moderate income residents of Cayuga, Chemung, Cortland, Schuyler, Seneca, Tioga, and Thompkins counties in New York. They are part of a growing network of Neighborhood Housing Services organizations utilizing partnerships between residents, business, and local government to revitalize blighted areas.
This is the fourth loan NeighborWorks Capital has extended to Ithaca NHS, and we are excited to help this project come to fruition as we continue to support their work to foster communities that embrace diversity, equity, and sustainability in ways that produce lasting outcomes.
